I am not sure what product this bottle was created for - would be an interesting research project.
If you search the interwebs for "crying baby figural bottle" like I did, then you will come across a site that references a similar example that is base embossed "T.P.S. & Co." which this person suggests is a mark for T.P. Spencer & Company in New York City.
The back of their bottle is marked with a patent date (June 2nd, 1874) which would be a start for research...could be a design patent but who knows.
I am a bit skeptical that this bottle contained a medicine but I suppose it is possible.
As for value - there was a time that clear figural bottles would fetch in the neighborhood of $100. My hunch is that this one is not that scarce so perhaps in the $50-100 range.
Chris